v3.25.4
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net interest income      
Interest income $ 266,894 $ 358,625 $ 407,284
Interest expense 174,917 221,537 245,097
Net interest income (expense) 91,977 137,088 162,187
Provision for (release of) loan loss reserves, net (157) 13,933 25,096
Net interest income (expense) after provision for (release of) loan loss reserves 92,134 123,155 137,091
Other income (loss)      
Real estate operating income 99,308 98,681 96,950
Net result from mortgage loan receivables held for sale 4,716 30 (523)
Gain (loss) on real estate, net 3,807 25,277 8,808
Fee and other income 14,995 18,700 8,931
Net result from derivative transactions 1,835 5,420 1,481
Earnings (loss) from investment in unconsolidated ventures (1,415) (79) 758
Gain on extinguishment of debt 151 188 10,718
Total other income (loss) 123,397 148,217 127,123
Costs and expenses      
Compensation and employee benefits 52,735 60,671 63,618
Operating expenses 19,426 19,193 19,503
Real estate operating expenses 40,475 40,568 37,587
Investment related expenses 3,712 7,718 8,847
Depreciation and amortization 31,995 32,327 29,914
Total costs and expenses 148,343 160,477 159,469
Income (loss) before taxes 67,188 110,895 104,745
Effective income tax rate 3,493 3,448 4,244
Net income (loss) 63,695 107,447 100,501
Net (income) loss attributable to noncontrolling interests in consolidated ventures $ 487 $ 808 $ 624
Earnings per share:      
Basic (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Diluted (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Weighted average shares outstanding:      
Basic (in shares)   125,576,784 124,667,877
Diluted (in shares)   125,785,295 124,882,398
Class A Common Stock      
Costs and expenses      
Net income (loss) attributable to Class A common shareholders $ 64,182 $ 108,255 $ 101,125
Earnings per share:      
Basic (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Diluted (in dollars per share) $ 0.51 $ 0.86 $ 0.81
Weighted average shares outstanding:      
Basic (in shares) 125,483,693 125,576,784 124,667,877
Diluted (in shares) 126,194,691 125,785,295 124,882,398